11 Money Moves You Should Make Soon To Be Ready for 2025
11 Money Moves You Should Make Soon To Be Ready for 2025
Laura Beck Sat, August 3, 2024 GOBankingRates
As we approach the final stretch of 2024, it’s more important than ever to position yourself for financial success in the coming year.
Whether you’re looking to achieve specific goals, optimize your tax situation or prepare for potential changes that a new year and election might bring, now is the time to take action. GOBankingRates consulted financial experts to bring you actionable advice on the money moves you should consider making. Here are 11 money moves you should make soon to be ready for 2025.
Leverage Debt as a Tool for Growth
Dutch Mendenhall, a leader in alternative investments and financial education, thinks there needs to be a major shift in how we think and talk about debt.
“Frame your debt as a tool for growth rather than a burden,” he shared. This approach means changing old habits and shifting the focus from paying off debt to leveraging it for investments. “Presuppose that every action you take today will pave the way for a stronger financial future,” he said.
Maximize Tax Shelters and Retirement Contributions
“Prime yourself by maximizing tax shelters and contributing to retirement plans now,” Mendenhall said.
Elaine King, MBA, CFP, founder of Family and Money Matters and expert at Annuity.org, echoes this sentiment, saying, “Make sure you are at max with your 401(k) and your IRA if you qualify. If you’re in your 40s, then you should consider a Roth IRA.” She reminds investors to add their spouses and children if they have earned income.
Diversify Your Investment Portfolio
Both Mendenhall and King are big on the importance of diversification.
“Diversify your portfolio to balance risk and reward, aligning investments with your personal financial personality,” said Mendenhall.
King adds that this is the time to reallocate, and everyone should ensure their portfolios continue to be diversified.
Audit Auto-Payments and Subscriptions
Josh Richner, founder of FaithWorks Financial, points out a crucial step often overlooked: “The Consumer Financial Protection Bureau (CFPB) has identified and called out deceptive tactics used by companies to trap consumers into subscriptions.”
He adds that while CFPB is focused on eliminating these practices, people should regularly audit their auto-payments and subscriptions. Small, forgotten charges can accumulate over time, and can impact your budget.
Verify Accuracy of Medical Debt Reporting
https://news.yahoo.com/news/finance/news/11-money-moves-soon-ready-120141946.html